President-elect Trump met with investor Wilbur Ross this week in New Jersey, and reportedly wants Ross to lead the Commerce Department. (AP Photo/Carolyn Kaster)

President-elect Trump is expected to name another billionaire as his secretary of commerce.

Billionaire Wilbur Ross is expected to be named as Trump’s pick, according to the Associated Press.

Ross is a former banker who formed W.L. Ross, which invested in factories in the Midwest. The AP said Ross is a “specialist in corporate turnarounds” who buys bankrupt firms and then “seeks to shave costs and generate profits.”

The AP said a senior Trump transition official confirmed that Ross is Trump’s pick, but wasn’t authorized to discuss it publicly because it hasn’t been officially announced.

Ross is Trump’s latest pick from outside Washington, D.C. On Wednesday, Trump’s team confirmed that he wants South Carolina Gov. Nikki Haley as his United Nations ambassador, and wants Michigan’s Betsy DeVos as his secretary of education.

He’s also expected to Dr. Ben Carson as his secretary of Housing and Urban Development.

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